ISLAMABAD: Minister for Finance and Revenue Senator Muhammad Aurangzeb has called for inclusive and equitable globalisation to benefit the developing economies of the world.
He emphasised the urgent need for an inclusive approach to globalization, one that benefits all nations, particularly the developing economies, said a press release issued here on Wednesday.
He made this call while attending a high-level session titled ‘Inclusive Globalization That Benefits All – Pathways and Actions’ at the Boao Forum for Asia Annual Conference 2025, held in Boao, Hainan Province, China.
Highlighting the growing inequalities within the global economic system, the Minister stated that while globalization has lifted over one billion people out of poverty, it remains fundamentally unequal, disproportionately benefiting developed economies while marginalizing the Global South.
He said the risks of rising protectionism, unilateralism, and trade wars are exacerbating global divisions, threatening to disrupt supply chains and weaken international cooperation.
For globalization to survive, it must be rebalanced to allow fairer participation for all nations, particularly those currently disadvantaged by restrictive trade rules and limited financial access, he said.
Senator Aurangzeb underscored that the time for rhetoric has passed, and decisive action is needed. Pakistan, like many developing nations, advocates for a more balanced model of globalization — one that promotes fair trade, sustainable growth, and equitable financial systems.
He said this model must be multilateral, innovation-driven, and inclusive, to foster development and prosperity across all regions.
One of the key challenges facing inclusive globalization, according to the Minister, is the widening wealth and opportunity gap.
The minister said that developed nations continue to gain from high-tech sectors, digital trade, and broad financial access, while developing nations are held back by high tariffs, restrictive investment policies, and limited infrastructure.
In response, Pakistan has consistently called for greater regional connectivity, fairer market access, and stronger multilateral cooperation, citing initiatives like the China-Pakistan Economic Corridor (CPEC) and the Special Investment Facilitation Council (SIFC) as steps in the right direction, he said.
The minister also called for a global coalition among developing nations to collectively demand fairer trade rules and greater representation in international financial institutions.
He said these alliances are necessary to combat the disproportionate tariffs and trade restrictions that hinder the integration of developing economies into global markets.
